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A substitute is a product that can be used instead of another product but still has the same function/ purpose. For example, American cars and Japanese cars could be considered substitutes for one another. If the price of Japanese cars increases, the demand for American cars would increase because people want to spend less money. If the price of Japanese cars decreased, the demand for American cars would decrease because people would want to purchase the less expensive one.

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14y ago
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12y ago

i am pretty sure it is goods used in place of one another

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11y ago

When there is a fall in the price of a commodity making the other product cheaper in which rational consumer change to that cheaper good in other to save their money.

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11y ago

Substitute goods are goods that can be used in the place of one another; a good can replace a good for which it is a substitue. A common example would be butter and margarine.

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Q: What is a economic definition of substitutes?
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